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20130107
20130115
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2.5% or so, these companies have figured out how to make money in a slow growth environment so combined with that, 4%, 5% earnings growth, that's reasonable in the kind of environment that we're in right now. >> no great shakes in terms of earnings growth. >> no. >> but good enough is what you're saying. >> that's right. i think it's good enough. >> what's priced into the market though? i mean, we've got expectations that we'll see much higher prof materialize or what? >> you know, really i think the market, you know, the p.e. ratio, if you look at valuations as far as that metric goes, i mean, the market is not willing to take the pes very high, may inch higher, 14, 14.5 or so, by the end of next year. the market knows we're in a slow growth environment. we're not going to get strong gdp, and it's not willing to assign much of a pe to these earnings. that's going to be a continuation, but next year i think investor confidence is going to improve a little. it's really lagged in this rally, so i think we're just going to be able to inch it up enough to where we have a decent yea
to be in this environment? what kind of year do you expect it to be? >> we don't have price on the dow, but we continue to look at more domestic-facing companies and industries, so consumer finance are big parts of both portfolios. we think housing continues to improve, consumer continues to delever, monetary policy remains supportive, so stock-pickers, we own redwood trust, which is a mortgage reit investment jumbo. we own carmax. they invented the used car superstore, lots of growth left there. and then a final stock would be ko colfax, which we do a great job as the vascular system for the global economy. they build large fluid systems for petrochemical companies, energy companies, as the economy comes in, as industrial production comes back, they're well positioned. so, we're pretty constructive on the asset class, particularly because a lot of people don't seem to be all that constructive on the asset class. >> steve sax, what about you? where are you seeing the flow? what are investors particularly grav stating towards these days? >> it's till equities and all of last year, credential the first c
an environment of better economic growth. rates might go higher. we think the immediate part of the curve is probably the safest place for the investors who are looking or think rates might be going up. then the other is you need to play the revenue space. there's a lot of high quality credits out there. but the yields are low. you're not really getting compensated. from a risk reward perspective, like health care and transportation, like housing and education offer a lot of value with not a lot of risk. >> so tell me how the fed plays into all of this, peter. there was all that noise last week about the division among fed members on how long the stimulus program should continue or will continue. if rates stay low and they don't fall any further, what's the impact of the growth in the muni bond market? how does that play into it? >> that's a great question. that's one we're talking about here as well. i think it's important to realize that the fed was only beginning to talk about having a debate or a discussion about removing that qe. so they've been anchoring on the long end of the marke
normal, if you will, in a lot of these companies given the fact that the regulatory environment is getting worse and globalization is not necessarily on their side where it was so many years ago? is this going to be the new normal? well, i don't think so. here's the question. will the politicians get it right? will we go over the cliff, another debt ceiling and if we don't we could have a very robust capital markets this year, an that's what encourages me for the big money centers. for the smaller guys starved for loan growth and margin pressures they will be buyers. the really small guys will be the sellers and you'll see a lot of m & a opportunity out here. >> jason this morning you raised estimates on three banks. you lowered estimates on nine banks. tell me what was behind that. you're expecting the quarter to be what, more negative than positive for the sector overall? how do you see it? >> fine tuning here and there with overall estimate. i think generally for the earnings for the quarter. we think about half our banks will beat expectations. half miss. if you think during
are actually behind the counter in dispensaries, and so it's a very safe, secure, highly regulated environment that we operate in. >> okay. so 18 states have now passed medical marijuana laws. 18 states, so you -- you operate -- you operate already in california. you operate in canada. you've got dispensers coming to market in arizona in a matter of weeks. >> correct. >> what when are you likely to break into the remaining states? what's the plan for growth? >> that's a very good question because we are not just about medical marijuana. our technology crosses many boundaries in the traditional pharmacy retailing business, whether it's retail pharmacies, institutional pharmacy plays, doctor offices, hospice, long-term care, so our solution really is very broad scope and has a tremendous value proposition in traditional pharmacy and in traditional health care. in terms of medical marijuana we are on a state-by-state awareness, put if in aware ney. every state sen acting its own laws and regulations so we're currently enacting the rules in recently passed state like connecticut and massachusetts.
's there on the sidelines, and yet this market keeps going higher because of this interest rate environment, because of the easy money from central bankers. do you still see that kind of conviction on -- on the part of big buyers? >> yes, i do, and i think as we said, the global p myois telling you that we're coming from a dismal place. if you bag back to the fiscal collapse that we went through worldwide, particularly i look to china, for the impact that china continues to have on the global economy. the united states is again demonstrating, may not be the growth rate that we want, but it is in fact heading in the right direction which is why the asset class of exsis should come back into favor. we've been out of favor for years at this point. the weekly money flows we just saw, the first time we've seen positive growth. >> exactly. >> i think that money has been spent quite frankly so that's a tough trade, but at this particular point market has digested what it's going to digest. put in a great first two weeks of january, and i believe the money flows should and will continue into the united stat
Search Results 0 to 5 of about 6

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